Herbert Smith Freehills’ private equity and venture capital team has advised Dovetail Research on its US$63 million Series A capital raise. The round was led by Accel.
Dovetail Research is an Australian company that helps organisations store, analyse, and collaborate on user research in one place, making it easy to see patterns, discover insights, and decide what to do next. Over 45,000 researchers, designers, and product managers use Dovetail worldwide at great organisations like Atlassian, VMware, Shopify, Arm, Sketch, Datadog, Twitch, Harvard University, Twilio, and many more.
This new capital will be employed to fund the continued rapid growth and expansion of the company.
The Herbert Smith Freehills team was led by partner Peter Dunne, Co-Head of Venture Capital (Australia) Claire Thompson, and solicitor Mapa Madhawa.
Claire Thompson said, “Dovetail is one of Australia’s fastest growing startups and is revolutionising the way that organisations conduct user research. We were delighted to work with Kanav and Dovetail’s co-founders Benjamin and Bradley on this transaction, which marks another significant milestone for the company.”
Dovetail CEO and co-founder Benjamin Humphrey said, “I’m proud to say Dovetail is becoming a must-have for many organizations. Through the insights created on our platform, teams can quickly make good decisions based on everything they know about their customers. However, we have only scratched the surface. There are many more opportunities to serve unmet needs in this space. With Accel’s partnership and this new capital, I’m excited to continue growing our team to build new functionality and launch new products.”
This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings. Other recent examples include:
- Linktree on its US $10.7 million Series A and US$45 million Series B capital raises;
- King River Capital on its investment in Lexer’s A$33.5 million Series B capital raise;
- Grok Ventures on its investment in Brighte’s A$100 million Series C capital raise;
- Kasada on its A$15 million Series B capital raise;
- SafetyCulture on its A$60.5 million Series C capital raise and secondary sale;
- Mr Yum on its A$89 million Series A capital raise and A$11 million post-seed capital raise;
- Culture Amp on its A$120 million Series E capital raise; and
- capital raises for Verteva (Nano Home Loans), Sonder, Gilmour Space, Nura, Roborigger, Reejig, Elenium Automation, Campaign Monitor, Tyro Payments, Different, Shore Trade, Buckitdream and others.